Argenx Is Still Building a Moat Centered on Autoimmune Disease Drug Vyvgart

Dutch biotech Argenx is hoping to build a portfolio of autoimmune treatments around Vyvgart, which received FDA approval in 2021 as a treatment for myasthenia gravis. We think the drug will see peak sales of more than $8 billion if approvals can extend into new autoimmune indications in neurology, hematology, dermatology, and nephrology over the next several years, although competitors in testing and uncertainty around future clinical trial results for Vyvgart prevent us from assigning the firm an economic moat.